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Forex News: Dollar Little Changed Despite Robust Employment Report

Dollar Little Changed Despite Robust Employment Report

05/05/2017 - 14:22:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon, but is little changed overall. The stronger than expected April jobs report this morning has fueled speculation among investors that the Federal Reserve will likely raise interest rates in June, after leaving rates unchanged earlier this week.

Job growth in the U.S. reaccelerated by much more than anticipated in the month of April after showing a notable slowdown in March, according to a report released by the Labor Department on Friday. The report said non-farm payroll employment jumped by 211,000 jobs in April after climbing by a downwardly revised 79,000 jobs in March.

Economists had expected employment to increase by 185,000 jobs compared to the addition of 98,000 jobs originally reported for the previous month.

With the stronger than expected job growth, the unemployment rate edged down to 4.4 percent in April from 4.5 percent in March. The unemployment rate had been expected to tick up to 4.6 percent.

With the US jobs report in the books, traders will now shift their focus to the runoff election in France on Sunday. Opinion polls show centrist leader Emmanuel Macron as a clear winner over far-right candidate Marine Le Pen, with latest Elabe poll for BFM TV and L'Express showing Macron defeating Le Pen by 62-38 percent of votes.

The dollar climbed to an early high of $1.0939 against the Euro Friday, but has since retreated to around $1.0990.

Spain's industrial production growth slowed significantly in March, preliminary data from the statistical office INE showed Friday.

The industrial production index rose a seasonally-and-calendar adjusted 0.4 percent year-on-year after a 2.5 percent growth in February. The growth was the weakest since July last year.

The buck has fallen to $1.2965 against the pound sterling Friday afternoon, from an early high of $1.2896.

UK high street sales was weak in April despite Easter holidays that fell late this year and a dismal prior year baseline, survey figures from business advisory services firm BDO showed Friday.

Retailers saw April's like-for-like trading grow just 1.9 percent, the BDO's High Street Sales Tracker report said. In contrast, there was a 6.1 percent fall in April last year, which was the worst monthly performance since February 2009.

The greenback slipped to a low of Y112.084 against the Japanese Yen Friday morning, but has since rebounded to around Y112.650.

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